System and method for recommending financial products to a customer based on customer needs and preferences

• US 20020023051A1
• Filed: 03/31/2000
• Published: 02/21/2002
• Est. Priority Date: 03/31/2000
• Status: Abandoned Application

• Current Assignee: Bank One Corporation (JP Morgan Chase & Co)
• Original Assignee: Bank One Corporation (JP Morgan Chase & Co)
• Inventors: Elliott, Michael, Kunzle, Adrian E., Forbes, Michael K.
• Application Number:
  US09/540,265
• Publication Number:
  US 20020023051A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

A system and method for enabling a customer to apply for a plurality of financial products (e.g., automobile loan, mortgage, home equity loan, credit card) simultaneously. The system obtains information about the customer at a first point of contact. An application is completed using the information. Based on the information, the system utilizes a profiling method to determine whether one or more financial products are available to the customer. A determination may be based on a single score calculated using the information and information provided in the application which corresponds to one or more underwriting criteria and policy rules. The score and application may be applied to each financial product. The determination may also include approving the application for the one or more financial products. The system may then recommend the one or more financial products to the customer. The customer may accept and close one or more of the financial products recommended.

Claims

1. A system for recommending one or more financial products to a customer, wherein the customer applies for a plurality of financial products simultaneously and said financial products comprise one or more types of financing, the system comprising:

an application module that enables a customer to submit an application for a plurality of financial products;

a determining module that determines said financial products available to said customer; and

a recommending module that recommends said financial products available to said customer.

2. The system of claim 1, further comprising an input receiving module that receives input from said customer.

3. The system of claim 2, wherein said input received at said input receiving module comprises personal information of said customer.

4. The system of claim 2, further comprising a fraud detecting module that detects fraudulent input from said customer.

5. The system of claim 2, further comprising a credit information retrieving module that retrieves credit information pertaining to said customer.

6. The system of claim 5, further comprising a score calculating module that calculates a score for said customer based on said input from said customer and said credit information.

7. The system of claim 1, further comprising a reviewing module that reviews an application for said financial products.

8. The system of claim 1, further comprising a decision module that renders a decision regarding said application for said financial products.

9. The system of claim 1, further comprising a collateral information retrieving module that retrieves information regarding collateral available to said customer.

10. The system of claim 9, further comprising a collateral verifying module that verifies information about said collateral obtained from said collateral information retrieving module and said customer.

11. The system of claim 1, further comprising an information receiving module that receives information specific to said one or more financial products from said customer.

12. The system of claim 11, further comprising a financial product adjusting module that adjusts said financial products recommended based on said information specific to said financial products.

13. The system of claim 1, comprising a financial product acceptance module that allows said customer to accept or decline said financial products recommended by said recommending module.

14. The system of claim 1, comprising a regulatory module that generates and retrievably archives regulatory documentation for said application for said financial products that is declined by said financial product acceptance module.

15. The system of claim 1, further comprising a feature presenting module that presents one or more optional features available for said financial products applied for by said customer.

16. The system of claim 15, further comprising a feature selecting module that enables said customer to select among said one or more optional features.

17. The system of claim 16, further comprising a feature accepting module that enables said customer to accept said one or more optional features selected.

18. The system of claim 1, further comprising a documentation module that prepares documentation relating to said financial products.

19. The system of claim 18, further comprising an archiving module that retrievably archives said documentation.

20. The system of claim 1, further comprising a financial product completion module that enables said customer to complete said financial products.

21. The system of claim 1, further comprising a financial product fulfillment module that fulfills obligations of a financial service provider under said documentation for said financial products completed by said customer.

22. The system of claim 1, further comprising a financial product verification module that verifies information provided in said application for said financial products.

23. The system of claim 1, further comprising a financial product perfection module that detects compliance or noncompliance with said documentation.

24. The system of claim 1, further comprising a financial product servicing module that services said financial products completed by said customer.

25. The system of claim 24, wherein said financial product servicing module monitors financial transactions regarding said financial products completed by said customer.

26. The system of claim 24, wherein said financial product servicing module generates statements regarding said financial products completed by said customer.

27. The system of claim 24, wherein said financial product servicing module generates accounting entries for said financial products completed by said customer.

28. The system of claim 24, wherein said financial product servicing module terminates said servicing of said financial products completed by said customer.

29. The system of claim 1, wherein said system for recommending recommends said financial products without human intervention.

30. The system of claim 1, wherein said system for recommending varies a price of a financial product based on customer information and purpose of use of funds.

31. A system for recommending one or more financial products to a customer, wherein the customer applies for a plurality of financial products simultaneously, the system comprising:

applying means for enabling a customer to submit an application for financial products simultaneously;

determining means for determining said financial products available to said customer; and

recommending means for recommending said financial products available to said customer.

32. The system of claim 31, further comprising an input receiving means for receiving input from said customer.

33. The system of claim 32, wherein said input comprises personal and financial information of said customer.

34. The system of claim 32, further comprising fraud detecting means for detecting fraudulent input from said customer.

35. The system of claim 31, further comprising credit information retrieving means for retrieving credit information pertaining to said customer.

36. The system of claim 35, further comprising score calculating means for calculating a score for said customer based on said customer input and said credit information.

37. The system of claim 31, further comprising reviewing means for reviewing said application for said financial products.

38. The system of claim 31, further comprising adjusting means for adjusting said financial products recommended based on said information specific to said financial products.

39. The system of claim 31, further comprising acceptance means for enabling said customer to accept or decline said financial products recommended by said recommending module.

40. The system of claim 31, further comprising regulatory means for generating and retrievably archiving regulatory documentation for said application for said financial products that is declined by said acceptance means.

41. The system of claim 31, further comprising decision means for rendering a decision regarding said application for said financial products to said customer.

42. The system of claim 31, further comprising collateral information retrieving means for retrieving information regarding collateral available to said customer.

43. The system of claim 42, further comprising collateral verifying means for verifying said collateral available to said customer.

44. The system of claim 31, further comprising information receiving means for receiving information specific to said financial products from said customer.

45. The system of claim 44, further comprising financial product adjusting means for adjusting said financial products recommended based on said information specific to said financial products.

46. The system of claim 31, further comprising feature presenting means for presenting one or more optional features available for said one or more loan products to said customer.

47. The system of claim 46, further comprising feature selecting means for enabling said customer to select from among said one or more optional features.

48. The system of claim 47, further comprising feature accepting means for enabling said customer to accept or decline said one or more optional features selected by said selecting means.

49. The system of claim 31, further comprising documentation means for preparing documentation relating to financial products approved for said customer.

50. The system of claim 49, further comprising archiving means for retrievably archiving said documentation.

51. The system of claim 31, further comprising financial product completing means for enabling said customer to complete said financial products.

52. The system of claim 31, further comprising financial product fulfilling means for enabling a financial service provider of said financial products to fulfill obligations according to said documentation.

53. The system of claim 31, further comprising financial product verifying means for verifying that information provided in said application is complete.

54. The system of claim 31, further comprising application perfecting means for detecting compliance or noncompliance with said documentation.

55. The system of claim 31, further comprising financial product servicing means for servicing said financial products completed by said customer.

56. The system of claim 55, wherein said financial product servicing means monitors financial transactions regarding said financial products completed by said customer.

57. The system of claim 55, wherein said financial product servicing means generates statements regarding said financial products completed by said customer.

58. The system of claim 55, wherein said financial product servicing means generates accounting entries for said financial products completed by said customer.

59. The system of claim 55, wherein said financial product servicing means terminates said financial products according to said documentation.

60. The system of claim 31, wherein said system for recommending recommends said financial products without human intervention.

61. The system of claim 31, wherein said system for recommending varies a price of a financial product based on customer information and purpose of use of funds.

62. A method for recommending one or more financial products to a customer, wherein the customer applies for a plurality of financial products simultaneously, said the method comprising the steps of:

enabling a customer to submit an application for one or more financial products simultaneously;

determining said financial products available to said customer; and

recommending said financial products available to said customer.

63. The method of claim 62, further comprising the step of receiving input from said customer.

64. The method of claim 63, wherein said input comprises personal information of said customer.

65. The method of claim 63, further comprising the step of detecting fraudulent input from said customer.

66. The method of claim 62, further comprising the step of retrieving credit information pertaining to said customer.

67. The method of claim 66, further comprising the step of calculating a score for said customer based on said customer input and said credit information.

68. The method of claim 62, further comprising the step of reviewing said application for said financial products.

69. The method of claim 62, further comprising the step of enabling said customer to accept or decline said financial products recommended.

70. The method of claim 62, comprising the step of generating and retrievably archiving regulatory documentation for said applications for said financial products that are declined.

71. The method of claim 62, further comprising the step of rendering a decision regarding said application for said financial products made by said customer.

72. The method of claim 62, further comprising the step of retrieving information regarding collateral available to said customer.

73. The method of claim 72, further comprising the step of verifying said collateral available to said customer.

74. The method of claim 62, further comprising the step of receiving information specific to said financial products from said customer.

75. The method of claim 74, further comprising the step of adjusting said financial products recommended based on said information specific to said financial products.

76. The method of claim 62, further comprising the step of presenting one or more optional features available for said financial products to said customer.

77. The method of claim 76, further comprising the step of enabling said customer to select from among said one or more optional features.

78. The method of claim 77, further comprising the step of enabling said customer to accept said one or more optional features.

79. The method of claim 62, further comprising the step of preparing documentation relating to said financial products.

80. The method of claim 79, further comprising the step of retrievably archiving said documentation.

81. The method of claim 62, further comprising the step of enabling said customer to complete said financial products.

82. The method of claim 62, further comprising the step of fulfilling obligations of a financial services provider set forth in said documentation.

83. The method of claim 62, further comprising the step of verifying that information provided in said application for said financial products is complete.

84. The method of claim 62, further comprising the step of servicing said financial products completed by said customer.

85. The method of claim 84, further comprising the step of monitoring financial transactions regarding said financial products completed by said customer.

86. The method of claim 84, further comprising the step of generating statements regarding said financial products completed by said customer.

87. The method of claim 84, further comprising the step of generating accounting entries for said financial products completed by said customer.

88. The method of claim 84, further comprising the step of terminating said servicing of said financial products.

89. The method of claim 62, wherein said method of recommending requires no human intervention.

90. The system of claim 62, wherein said system for recommending varies a price of a financial product based on customer information and purpose of use of funds.

91. A method of application decisioning and pricing for one or more financial products comprising the steps of:

establishing underwriting criteria and policy rules for said one or more financial products;

creating an electronic application for said one or more financial products which corresponds to said underwriting criteria and said policy rules for said one or more financial products;

enabling a customer to submit information for said electronic application which corresponds to said underwriting criteria and said policy rules for said one or more financial products;

using said information from said electronic application submitted by said customer to obtain credit history information for said customer;

calculating a credit score for said customer from said credit history information;

comparing said information from said electronic application and said credit history information for said customer with said underwriting criteria and said policy rules for said one or more financial products;

deciding to accept or reject said electronic application for said one or more financial products.

92. The method of claim 91, wherein the information submitted by said customer for said electronic application comprises a subset of the underwriting criteria and policy rules for said one or more financial products.

93. The method of claim 91, comprising the additional steps of selecting an interest rate to be offered to said customer for said one or more financial products to vary according to said information from said electronic application and said credit score in relation to said underwriting criteria and said policy rules.

94. The method of claim 91, comprising the additional steps of selecting the term of duration to be offered to said customer for said one or more financial products to vary according to said information from said electronic application and said credit score in relation to said underwriting criteria and said policy rules.

95. The method of claim 91, comprising the additional steps of selecting the fees to be offered to said customer for said one or more financial products to vary according to said information from said electronic application and said credit score in relation to said underwriting criteria and said policy rules.

96. The method of claim 91, comprising the additional steps of selecting the optional items to be offered to said customer for said one or more financial products to vary according to said information from said electronic application and said credit score in relation to said underwriting criteria and said policy rules.

97. A system of application decisioning and pricing for one or more financial products comprising:

storage means for electronically storing one or more underwriting criteria and policy rules for said one or more financial products;

applying means for enabling a customer to apply for said one or more financial products and to provide information corresponding to said one or more underwriting criteria and policy rules for said one or more financial products;

score calculating means for calculating a credit score based on said customer'"'"'s credit history;

decisioning means for comparing said information provided by said customer through said applying means and said credit score with said one or more underwriting criteria and policy rules to accept or decline said application for said one or more financial product;

financial product adjusting means for adjusting the terms and pricing for said one or more financial products based on said comparison of said information provided by said customer through said applying means and said credit score with said one or more underwriting criteria and policy rules; and

recommending means for recommending said financial products available to said customer and said terms and pricing for said one or more financial products.

98. A system of application decisioning and pricing for one or more financial products comprising:

a storage module that electronically stores one or more underwriting criteria and policy rules for said one or more financial products;

an application module that enables a customer to apply for said one or more financial products and to provide information corresponding to said one or more underwriting criteria and policy rules for said one or more financial products;

a score calculating module that calculates a credit score based on said customer'"'"'s credit history;

a decisioning module that compares said information provided by said customer through said applying means and said credit score with said one or more underwriting criteria and policy rules to accept or decline said application for said one or more financial product;

a financial product adjusting module that adjusts the terms and pricing for said one or more financial products based on said comparison of said information provided by said customer through said applying means and said credit score with said one or more underwriting criteria and policy rules; and

a recommending module that recommends said financial products available to said customer and said terms and pricing for said one or more financial products.